The action is currently forming a bullish Flag on the 1H chart as it retraces towards the Kumo looking for support. We would prefer to see a good reversal pattern before or around the Read more…
I know quite a few of our more experienced members jumped on this on Friday night as various levels even as low as 1.0460, and although we did mention getting long in the yellow coloured Kumo I know quite a number of our new and less experienced members did not get set.
I will give a new signal for a longer term trade when it comes, and in fairness to those people who missed out I will not add the 81 pips we gained from that trade to our monthly total. (Our trade hit the TP at 1.0650)
I know from messages and comments that some of our members placed long orders near the red line, so they will wake up very happy with circa +150 pips on their USD.CAD account line.
Amit reported not being able to see the yellow Kumo, not sure if anyone else has a similar problem, but it appears OK on my screen. Anyway, I’ve updated the chart, and we can see the price went on a roller coaster ride (the retracement I expected and mentioned) due to the Canadian announcements yesterday. We will look for a retrace and confirmation
Heres a look at the 1H chart – we will start looking at a possible position if/when the price action approaches the Kumo painted yellow and gives the required reversal signal.
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We took some very nice large profits on the Usd.Cad positions last time, and I think the time is ripe for a re-evaluation of the current position as it stands. I have already started scaling in a few early positions, and all being well I believe we can confidently look towards a target of 500 pips and maybe even 800 pips.
Lets look at the chart……..
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As I mentioned over the weekend……… ” just a little further to go in the short term – perhaps towards 1.0750-1.0780 level, (see charts)……but keep bringing your stop up or trailing it around the 55/65 pip mark
Our position in Usd.Cad is still moving in the right direction, and at Fridays close we were well up on our long positions. Depending on members exact entry the profit will currently be circa +200/236 pips. I feel this one may have……….
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A few of my Usd.Cad trades were stopped overnight on a 50 pips trailing stop giving me an additional +70 pips. I still have a few running with a stop below the last swing low just in case there’s a bit more momentum. If you still have positions running it would be prudent now to either take some more off or tighten stops now to maximise gains.
Well a nice move. I hope a few took the plunge around the price range I mentioned to get in at. I’ve taken some off at +60, currently the balance is at +45. There should have been opportunities for our active traders to get over +100 pips. Unfortunately all this often happens in the New Zealand night, and I would have liked to have taken more if I was in front of the screens.
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Just for education.
We’ve got a number of day trade/scalper members here, and this is the type of trade they like to do a few times a day. Based on the entry area I gave there is often a 10-20 pips move that can be taken. It would mean you obviously need to be in front of the computer, and I know that lots of members cant do that at the moment. But if you aspire to become a full time trader, this is something you can do if you enjoy the thrill of the chase.
Heres the 4H chart. There is still some heavy Kumo overhead to penetrate. The black long wick had a stab last night, so lets see if its got the power to slice through. Its already through on the 1H as shown on the previous chart
